Oil prices drop over 2% on China lockdowns, US stimulus concerns

Oil prices fell more than 2% on Friday, with both contracts posting a loss on the week as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world's biggest crude importer.
 

Brent fell $1.32, or 2.3%, to settle at $55.10 a barrel.
 

US West Texas Intermediate crude settled down $1.21, or 2.3%, at $52.36 a barrel.
 

Both benchmarks, which hit their highest in nearly a year earlier in the week, posted their first weekly declines in three weeks, with Brent down 1.6% on the week and US crude down